Attention, Canadians!

Brace yourselves for some welcomed news: many across the nation will soon notice extra funds gracing their bank accounts thanks to the quarterly HST/GST tax credit being distributed this week.

Mark your calendars!

The Canada Revenue Agency (CRA) is set to release the next batch of HST/GST credits to qualifying individuals this Friday, October 4.

What is the HST/GST Credit?

This credit is a non-taxable benefit provided four times a year to help support individuals and families with low to moderate incomes, effectively cushioning the financial impact of the harmonized sales tax (HST) and goods and services tax (GST) imposed throughout the year.

Expected Amounts and Eligibility

So, what can you expect? The amount you’ll receive hinges on several factors, including your income, marital status, and the number of children under 19 in your care.

For the 2023 base year, which stretches from July 2024 to June 2025, eligible individuals could receive as much as **$519** if single, and up to **$680** if married or living with a common-law partner. Furthermore, expect to receive an additional **$179** for each child under 19.

Income Thresholds for Qualification

Wondering if you qualify? Eligibility depends on income thresholds that differ based on several criteria. For instance, single individuals without children must have a net income below **$54,704**. Those with one child have a limit of **$61,504**, while the thresholds increase slightly for those with two (**$65,084**), three (**$68,664**), and four children (**$72,244**).

On the other hand, married couples or common-law partners without children need a net income of less than **$57,924** to qualify. Families with one child are capped at **$61,504**, and those with two, three, or four children follow similar increasing thresholds as listed previously.

Requirements to Receive the Credit

To be included in this HST/GST credit, you must have filed your tax return for 2023 and be a resident of Canada for tax purposes during the month preceding the payment date, as well as at the beginning of the payment month. Additionally, recipients must be at least 19 years old; however, those under this age must have a spouse or common-law partner and/or a dependent child living with them.

Upcoming Payment and Future Credits

This upcoming October 4 payment will be the final GST/HST credit disbursed for 2023. Keep an eye on your notifications, as subsequent payments are already scheduled for January 3 and April 4, 2025.

Important Note!

If your calculated credit for July 2024 is less than $50 per quarter, rejoice—those who qualify will receive their entire payment on July 5, 2024!

Final Thoughts

Stay informed, and make sure to check your account this week—extra cash might just be a click away!